NewJersey Resources Corporation (NYSE:NJR) Given Consensus Rating of “Hold” by Brokerages

Shares of NewJersey Resources Corporation (NYSE:NJR) have been assigned a consensus rating of “Hold” from the six brokerages that are presently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $51.29.

Several research analysts have commented on NJR shares. Wall Street Zen upgraded shares of NewJersey Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, May 14th. Raymond James Financial started coverage on shares of NewJersey Resources in a research report on Friday, June 13th. They issued an “outperform” rating and a $49.00 target price for the company. JPMorgan Chase & Co. decreased their target price on shares of NewJersey Resources from $56.00 to $51.00 and set an “overweight” rating for the company in a research report on Wednesday, May 28th. Wells Fargo & Company upped their target price on shares of NewJersey Resources from $51.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 7th. Finally, New Street Research set a $51.00 target price on shares of NewJersey Resources in a research report on Tuesday, April 1st.

NewJersey Resources Price Performance

NJR opened at $44.16 on Friday. The firm has a market cap of $4.43 billion, a price-to-earnings ratio of 10.72 and a beta of 0.62. NewJersey Resources has a fifty-two week low of $41.68 and a fifty-two week high of $51.95. The company’s 50-day moving average price is $46.92 and its 200 day moving average price is $47.28. The company has a quick ratio of 0.73, a current ratio of 0.93 and a debt-to-equity ratio of 1.20.

NewJersey Resources (NYSE:NJR) last posted its earnings results on Monday, May 5th. The utilities provider reported $1.76 EPS for the quarter, topping the consensus estimate of $1.65 by $0.11. NewJersey Resources had a net margin of 20.03% and a return on equity of 16.95%. The firm had revenue of $913.03 million during the quarter, compared to analysts’ expectations of $732.00 million. During the same quarter in the prior year, the firm earned $1.41 EPS. NewJersey Resources’s quarterly revenue was up 38.8% on a year-over-year basis. As a group, sell-side analysts expect that NewJersey Resources will post 3.15 earnings per share for the current year.

NewJersey Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 10th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Tuesday, June 10th. NewJersey Resources’s dividend payout ratio (DPR) is presently 43.69%.

Insider Activity

In other news, CFO Roberto Bel sold 1,173 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $50.00, for a total value of $58,650.00. Following the completion of the transaction, the chief financial officer now directly owns 22,649 shares in the company, valued at $1,132,450. This trade represents a 4.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new stake in NewJersey Resources during the fourth quarter worth approximately $73,124,000. Nuveen LLC bought a new stake in NewJersey Resources during the first quarter worth approximately $29,509,000. Millennium Management LLC boosted its holdings in NewJersey Resources by 66.0% during the fourth quarter. Millennium Management LLC now owns 1,363,495 shares of the utilities provider’s stock worth $63,607,000 after buying an additional 542,089 shares in the last quarter. Prudential Financial Inc. boosted its holdings in NewJersey Resources by 3,076.5% during the fourth quarter. Prudential Financial Inc. now owns 321,332 shares of the utilities provider’s stock worth $14,990,000 after buying an additional 311,216 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in NewJersey Resources by 7.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,309,166 shares of the utilities provider’s stock worth $154,372,000 after buying an additional 216,000 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors.

About NewJersey Resources

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.